Opening-up helps drive progress

The Ministry of Finance announced on Tuesday the largest-ever tariff cuts on imported automobiles and vehicle components in more than a decade. The reduced tariffs, which come into effect on July 1, demonstrates China's commitment to further open up its market and maintain the world's multilateral trade system.

In a keynote speech to the opening of the Boao Forum for Asia in April, President Xi Jinping announced four major initiatives to expand opening-up, including "a substantial reduction in automobile import tariffs".

And China also announced a timeline to remove long-standing caps on foreign ownership of automotive ventures last month.